The European Bank for Reconstruction and Development (EBRD) is investing MAD 200 million, equivalent to €19.2million, in a certified green bond to construct an electrified high-speed rail line in Morocco.
This cooperation is a first between the Moroccan national railway office (ONCF) and EBRD, the only international investor in this project.
The investment in a certified green bond of €95 million by the rail operator, which will be utilized for refinancing debt used for the construction of a Moroccan electrified high-speed rail line.
This investment follows an ONCF long-term plan to cater to the entire national territory, mainly by expanding high-speed train rails, to reach more cities so that more people can benefit from it.
Al Boraq train first started operating in 2018 as the first high-speed railway system in Africa. The electrified high-speed passenger rail line significantly reduces rail journey times between Tangier, Rabat, and Casablanca.
The European Bank spoke of how it promotes a modal shift from more carbon-intensive alternatives (road and air transport) to more environmentally friendly electrified rail transport and will allow further economic integration of these key cities, supporting private-sector development and economic growth.
Morocco is a founding member of the EBRD. To date, the EBRD has invested more than €3.5 billion in the country through 88 projects in total.
At the EBRD’s annual meeting held last May, the Bank’s Moroccan branch director Sal de Chou stated that « during the next five years, the EBRD aims to maximize its financing in Morocco and exceed the annual average currently ranging between 200 and 300 million euros. »
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